{"id":224906,"date":"2023-02-03T19:35:41","date_gmt":"2023-02-03T14:05:41","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=224906"},"modified":"2023-02-20T14:42:57","modified_gmt":"2023-02-20T09:12:57","slug":"new-income-tax-regime-a-nudge-on-income-tax-mustnt-become-a-shove","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/new-income-tax-regime-a-nudge-on-income-tax-mustnt-become-a-shove\/","title":{"rendered":"New income tax regime: A nudge on income tax mustn\u2019t become a shove"},"content":{"rendered":"\n<p><strong>Source<\/strong>: The post is based on the article\u00a0<strong>\u201cA nudge on income tax mustn\u2019t become a shove\u201d <\/strong>published in the <b>Livemint <\/b>on <b>3rd February 2023<\/b>.<\/p>\n<p><strong>Syllabus<\/strong>: GS 3 \u2013 Government Budgeting.<\/p>\n<p><strong>Relevance<\/strong>: About the new income tax regime.<\/p>\n<p><strong>News<\/strong>: In the Budget 2023-24, the government introduced a new income tax regime.<\/p>\n<h2><strong>About the new tax regime on Personal Income Tax<\/strong><\/h2>\n<table style=\"border-collapse: collapse; width: 100%;\">\n<tbody>\n<tr>\n<td style=\"width: 100%;\"><strong>Read here: <a href=\"https:\/\/forumias.com\/blog\/new-tax-regime-gives-spending-flexibility\/\" target=\"_blank\" rel=\"noopener\">New tax regime gives spending flexibility<\/a><\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2><strong>What are the advantages of the new income tax regime?<\/strong><\/h2>\n<p><strong>a)<\/strong> The new tax regime offers no tax-free gaps to park money, <strong>b)<\/strong> It suits persons who cannot gather the documents needed to claim deductions, <strong>c)<\/strong> Provide greater liberty on what one can do with their salaries, <strong>d)<\/strong> Rise in discretionary income could do economy a favour.<\/p>\n<h2><strong>What are the concerns associated with the new income tax regime?<\/strong><\/h2>\n<p><strong>-Loss of revenue<\/strong>: The new tweaks are expected to cost the exchequer around \u20b937,000 crore in lost revenue next fiscal year.<\/p>\n<p>-The new income tax regime does not phase out India\u2019s old tax regime.<\/p>\n<p>-Few state-run institutions depend on their tax sops for a chunk of their business would protest against the new regime.<\/p>\n<p>Overall, the new regime will offer a case study in behavioural economics of Indians.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: The post is based on the article\u00a0\u201cA nudge on income tax mustn\u2019t become a shove\u201d published in the Livemint on 3rd February 2023. Syllabus: GS 3 \u2013 Government Budgeting. Relevance: About the new income tax regime. News: In the Budget 2023-24, the government introduced a new income tax regime. About the new tax regime&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/new-income-tax-regime-a-nudge-on-income-tax-mustnt-become-a-shove\/\">Continue reading <span class=\"screen-reader-text\">New income tax regime: A nudge on income tax mustn\u2019t become a shove<\/span><\/a><\/p>\n","protected":false},"author":10311,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1230,9],"tags":[216,10501],"class_list":["post-224906","post","type-post","status-publish","format-standard","hentry","category-9-pm-daily-articles","category-public","tag-gs-paper-3","tag-live-mint","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":1700806130,"cached_date":1704821766},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/224906","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10311"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=224906"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/224906\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=224906"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=224906"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=224906"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}